OneWest starts foundation
Full story: San Gabriel Valley Tribune
What's $10 million when FDIC's gifting you even more?
"The Obama administration’s $75 billion program to help homeowners escape foreclosure is a failure and should be scrapped. By unintentional consequences, the government itself under the FDIC sabotages the program...
What is overlooked although reported on the FDIC website is the sweetheart deals they make to banks they lure to takeover failed ones.
A classic is OneWest Bank which took over IndyMac Bank in March 2009. OneWest purchased all current residential mortgages at 70% par value. FDIC guaranteed anywhere from 80-95% from any losses OneWest might occur based on the original outstanding loan balance.
For example, if a home has a loan amount of $500,000, One West would pay $350,000. If the owner is offered $250,000 cash in a “short sale,” OneWest can report a $250,000 loss based on the original loan and receive a check from Uncle Sam for $200,000. Add that to the $250,000 “short sale” price offer and OneWest earns a grand total of $450,000 and a nifty 100 grand profit."
If Wall Street Journal wouldn't include this loss-sharing gifts from the FDIC with its article praising OneWest,
"Investors, With Help From Uncle Sam, Reshape IndyMac"
I was hoping and would really appreciate a local paper could.
Soros is a Communist and Obama's Boss. The facts here: http://www.commieblaster.com/george-soros-fun...
Soros is awesome. We have him to thank for medical marijuana. Thanks George!
And really Commie-Blaster, who cares what meth-crazed, alcoholic, old, former cold-warriors like you think anyway? Go write a vieo game, that name would be great.
On the subject: One West Bank should clean up its act and stopping laying off good people before they start any hypocritical foundations.
this bank should be closed down and everyone should be arrested i mean everyone there are alot of big people in this fraud circle ,,iam not stupid.....
Don't believe anything OneWest has the newspaper lie on. The truth is they are one of the worst performers of Loan Modifications..read the truth....
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